As of February 4, 2020, my country’s oil imports from Iran are about US$60 per barrel, and the international crude oil price per barrel is 158.98 liters. Approximately 0.38 yuan/liter.

OPEC released its 2020 forecast for the first time in its monthly report, believing that the market demand for OPEC crude oil next year will be 29.27 million barrels per day, a decrease of 1.34 million barrels per day from this year. According to Platts estimates, the average daily crude oil export volume of the United States last week was 2.3 million barrels, a decrease of 750,000 barrels from the previous month, the lowest level in the past two years. Last week, the U.S. refinery operating rate was expected to drop 0.5 percentage points to 94.2%.

As for Iran’s oil exports. Although according to the monthly report released by the International Energy Agency (IEA) last week, Iran's oil exports dropped sharply by 120,000 barrels per day to 2.28 million barrels per day, the lowest level in the past 30 years.

But data shows that China imported more than 1 million barrels of oil from Iran in June. In other words, Iran’s oil exports will not reach the point of zero.

Extended information:

As soon as the news came out that the United States announced the termination of Iran’s oil sanctions exemption, international oil prices rose sharply, reaching a new high in six months. Brent crude oil futures rose 3.27%, reaching $74.14 a barrel; U.S. West Texas Intermediate (WTI) oil futures rose 2.67%, to $65.71 a barrel; Shanghai crude oil futures also rose 2.85%.

On the one hand, there are new variables in the international crude oil supply. Although the United States has stated that it will make up for the supply gap with oil-producing countries such as Saudi Arabia and the United Arab Emirates to ensure the supply of the global crude oil market, considering that Venezuela, Libya, Nigeria and other producers have Uncertainties in the domestic situation and oil production of oil countries, and the risk that Iran's crude oil exports may be interrupted, have put new pressure on global oil supply and stimulated the already nervous market nerves.

On the other hand, OPEC’s production reduction agreement faces new uncertainties. In order to avoid oil supply shortages and excessive rise in oil prices, Saudi Arabia, the United Arab Emirates and other countries are likely to no longer insist on extending the production reduction agreement, but in Withdrew from production cuts at the request of the United States.

People's Daily Online - Iran's oil exports have been blocked, and the United States has launched a "comprehensive blockade" mode